Hillview Real Estate, the UK regional office investor, and Sh.i.r. Shlomo Real Estate, a subsidiary of one of the largest conglomerates in Israel, have acquired a multi-let office building in Leeds’ financial district from Ardstone Capital for £12.6 million.
Hillview is investing through its £300 million Hillview Partners Property Fund III.
The building, 76 Wellington Street, comprises 35,951 sq ft of office space over ground and five upper floors.
Hillview plans to upgrade the building, ensuring it meets the needs of modern office occupiers and sustainability. This upgrade will include extending and refurbishing the reception, utilising the basement for extensive cycle storage and changing facilities, and upgrading the building plant to modern energy efficient systems.
76 Wellington Street is the first acquisition for a new partnership between Hillview and Sh.i.r. Shlomo Real Estate, to establish a portfolio of regional office properties in the UK.
Nadav Livni, Managing Director of Hillview Group and fund manager of Hillview Real Estate, said: “This is a fantastic value-add acquisition for our fund and our new partnership with Sh.i.r. Shlomo Real Estate. The building is very well located in the heart of Leeds’ financial district, it is under-rented and provides identified opportunities for our team to significantly add value by modernising the space, adding amenities for tenants, and improving its sustainability rating.”
Israel Raif, CEO of Sh.i.r. Shlomo Real Estate, said: “We are delighted to be investing in the UK real estate sector and are aligned with Hillview’s value-add strategy. We see the compelling opportunity to invest in properties that need repositioning, by focusing on the ESG criteria of sustainability, efficiency, amenities, digital connectivity, end-of-journey facilities and wellness.”
Hillview Real Estate and Sh.i.r. Shlomo Real Estate were advised by CBRE and Ardstone Capital was advised by NorthCap.
